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d'Amico International Shipping S.A.
Related Party Transaction • Sep 19, 2022
9964_iss_2022-09-19_34eb63b1-ae81-4939-a59e-eecdded6b39b.pdf
Related Party Transaction
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PRESS RELEASE
d'AMICO INTERNATIONAL SHIPPING S.A. ANNOUNCES THE EXERCISE OF THE PURCHASE OPTION ON ONE OF ITS TC-IN MR VESSELS AT A VERY ATTRACTIVE PRICE
Luxembourg – September 19th , 2022 – d'Amico International Shipping S.A. (Borsa Italiana: DIS) (the "Company"or "DIS"), an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d'Amico Tankers D.A.C. (Ireland) ("d'Amico Tankers"), exercised its purchase option on the MT High Adventurer, a 50,000 dwt medium-range product tanker vessel built in November 2017 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US\$ 30.4 million) and with delivery expected in November 2022.
As of today, DIS' fleet comprises 35 double-hulled product tankers (MR, Handysize and LR1, of which 17 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 6.9 years for its owned and bareboat chartered-in vessels.
Paolo d'Amico, Chairman and Chief Executive Officer of d'Amico International Shipping, stated: "I'm very pleased to announce the purchase of MT High Adventurer, an MR vessel built in Japan in November 2017 and time-chartered-in by d'Amico Tankers ever since. By exercising this purchase option, DIS acquires a top-quality Eco MR, built at a very reputable Japanese yard and at a price which is attractive by historical standards and around 20% below today's price for a similar vessel, significantly lowering this vessel's P&L and cash break-even. We also expect to secure debt financing for this transaction very soon and at very attractive terms. This deal is fully in line with our long-term strategic plan of owning and operating a very modern and Eco fleet, reducing DIS' carbon footprint whilst enhancing our commercial opportunities and earnings potential."
From today this press release is available on the investor relations section of DIS' website, filed with the CSSF, disclosed through the e-market SDIR circuit and stored at Borsa Italiana S.p.A. through the emarketSTORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.
d'Amico International Shipping S.A. is a subsidiary of d'Amico Società di Navigazione S.p.A., one of the world's leading privately-o wn ed marine transportation companies, and operates in the product tankers sector, comprising vessels that typically carry refined petroleum products, chemical and vegetable oils. d'Amico International Shipping S.A. controls, through its fully-owned subsidiary, d'Amico Tankers D.A.C., Dublin, either through ownership or charter arrangements, a modern and double-hulled fleet, ranging from 35,000 to 75,000 deadweight tons. The Company has a long history of family enterprise and a worldwide presence with offices in key maritime centers (London, Dublin, Monaco, Stamford and Singapore). The Company's shares are listed on the Milan Stock Exchange under the ticker symbol "DIS.MI".
Anna Franchin, Investor Relations Manager
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